Our offerings address the entire collections life cycle - from day-one collections, to post charge-off, to debt sale.
Fair Isaac's Five Ways to Improve Your Collections and Recovery Rates:
(1) Automate workflows
(2) Monitor resource performance
(3) Integrate collection analytics
(4) Improve agency and channel management
(5) Integrate recovery analytics.
With our integrated solutions, you can see greater bottom-line results sooner by bringing multiple strategies to bear on collections and recovery efforts.
1. Automate Workflows
Workflow automation can provide the biggest increases in your collections productivity and efficiency. With our solutions, your collectors can handle more accounts, focus activity and expertise for the best collection return, and reduce roll rates from one delinquency cycle to the next.
Our automated workflow systems empower you to:
- Maintain flexibility, so that you can quickly respond and adjust to any changes that affect your collections environment-such as operational, strategic, market or regulatory changes.
- Track costs to more accurately measure process and workflow improvements.
- Prioritize workloads, so that you can link accounts and collect at the customer level; prioritize contact channels, such as auto-dialer, email or SMS campaigns; and manage decisions on vendor and third-party placements, including agencies, attorneys, and skip vendors.
- Drive online features and functions to create a tailored, flexible screen data display, or to generate ,workflow-driven scripts.
- Create and maintain workflows in the easiest-possible manner by providing online, intuitive tools in the hands of the business user rather than an IT programmer.
2. Monitor Resource Performance
Want to make sure you're using all resources efficiently? All of the time? Our solutions help you effectively monitor resources so you can collect more with less. Whether "resources" are dialer collectors, third-party vendors, letters, or other tools, with Fair Isaac you can carefully track each activity .
With three sets of Fair Isaac metrics - volume, effectiveness, and cost - you can be sure you're taking the best actions-and you can quickly eliminate actions that waste time and money.
3. Use Collection Analytics
Your success in collections depends on the same fundamental principles as success in account management - making an accurate, timely and relevant treatment decision while maintaining the valued customer relationship and producing a profit. Fair Isaac analytic technology helps you do just that.
With Fair Isaac analytic models, you can drive empirical collections actions and decisions. You'll put strategies in place based on data, not on a "gut feel." And you can rely on a number of models for measuring the likelihood of different outcomes.
Our analytic models can predict with a high degree of accuracy such outcomes as:
- Whether the account is likely to pay
- How much a delinquent account is likely to pay over a given time period
- How likely the account is to self-cure, roll, or charge-off
With those measures you can:
- Identify accounts with high risk of rolling to late stage or charge-off for prompt collection treatment.
- Identify self-cures and save collection expense, and unnecessary customer ire.
- Manage roll rate and reduce your compound roll rate with minimum effort.
- Maximize trade-off between late fees and compound roll rates at fixed effort.
- Identify accounts for early placement with agencies so you can focus your internal collection efforts on the accounts most likely to bring results.
4. Improve Agency Management
But what about the accounts that you can't collect on your own? When it's time to involve agencies, Fair Isaac can help in agency selection and management. With our analytics, reporting tools and other techniques, you can enhance the performance of your collections and recovery efforts through:
- Increased visibility and control over agencies with our management systems so you can automatically monitor agency activity, reports, business agreement compliance and status of accounts.
- Better segmentation of accounts and agencies to ensure you're sending accounts to the most uniquely qualified agency for collection success.
- Improved management reporting for providing the best insight into the activities of agencies.
- Reduced maintenance based on automated systems that allow you to reconcile accounts more frequently and with less effort.
- Enhanced exception handling so you can create and fulfill unique account requests for specific agencies and monitor the scale of these exception requests to improve internal and agency processes.
5. Use Recovery Analytics
How do you decide how to place accounts for recovery? Many recovery professionals use a limited set of criteria that results in limited success.
For greatly improved results, Fair Isaac offers a variety of recovery analytic models that set specific criteria for deciding how to best recover an account - prioritize your accounts based on account value; segment accounts for collection treatment; decide which channel is most appropriate for the account, whether to keep it in-house, go outside to an agency, attorney or to sell - used recovery analytics to identify the strategy that yields the best results.
And when you do decide to go out to an agency, our analytics can help you optimize your account placement by determining which agencies are best for which accounts. With our analytic support, you can evaluate agencies by much more specific performance criteria than just recovery rates.
Looking for more information on solutions for Collections & Recovery?
Visit the Resource Center to access all white papers, customer successes, and all other web-based resources related to this and many other topics.